Intel rises on report of $11 billion Apollo investment in new chip plant
By Steve Gelsi
Apollo is front-runner on deal after it outshines KKR and Stonepeak, the WSJ report says
Intel Corp's stock rose 2.5% on Monday after The Wall Street Journal reported it was in talks with Apollo Global Management Inc. to line up $11 billion to construct a new chip plant in Ireland.
The deal with Intel (INTC) could be finalized within weeks after Apollo outpaced rival firms such as Stonepeak and KKR & Co Inc. (KKR) for the deal, the report said.
Apollo's High Grade Capital Solutions unit is leading the deal for Apollo.
The new plant is part of Intel's plan to meet increased chip demand.
The potential deal with Apollo comes after Brookfield Asset Management Ltd. (BAM) inked a $30 billion deal with Intel in 2022 for a chip-making plant in Chandler, Ariz. Intel was to have a controlling stake in the Arizona plant.
Prior to Monday's trades, Intel's stock was down 40.6% in 2024, compared to an 8.9% gain by the Nasdaq (NDAQ).
Also read: Intel's stock drops after Biden administration bans some sales to China's Huawei
-Steve Gelsi
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
05-13-24 1434ET
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s the Difference Between the CPI and PCE Indexes?
-
Micron Earnings: Great Guidance but Stock Now Looks Fairly Valued
-
August PCE Report Forecasts Show More Good News on Inflation
-
AI Stocks May Be Down, but Don’t Count Them Out
-
4 Stocks to Buy as the Fed Cuts Interest Rates
-
Markets Brief: The Uncertain Path to Neutral Interest Rates
-
What’s Happening in the Markets This Week
-
Where Top Stock Fund Managers Are Looking Next After the Fed Rate Cut
-
Our Top Pick for Investing in US Renewable Energy
-
How to Measure a Stock’s Uncertainty
-
How to Determine Whether a Stock Is Cheap, Expensive, or Fairly Valued
-
Why a Company’s Management and Capital Allocation Matter
-
How to Determine What a Stock Is Worth
-
How to Measure a Company’s Competitive Advantage
-
How to Think Like a Stock Analyst
-
How GLP-1 Drugs Like Ozempic Are Boosting Biopharma Stocks